Benchmarks: Next Steps
The transition of financial market contracts from interbank rates, or ‘IBORs’, to risk-free rates poses an unprecedented challenge for the entire financial industry. With more than $370 trillion of exposure to the IBORs across the financial industry, the scale of the task is huge. What are the challenges to transition, and what is ISDA and the industry doing to support benchmark transition planning efforts?Moderator: Tom Wipf, ISDA Board Member, Vice Chairman of Institutional Securities, Morgan StanleyDavid Bowman, Advisor, Federal Reserve Board of GovernorsJack Hattem, ISDA Board Member, Managing Director, Global Fixed Income, BlackRockFrançois Jourdain, Chair of the Bank of England Risk Free Rate (“RFR”) Working Group, BarclaysJason Manske, ISDA Board Member, Senior Managing Director, Chief Hedging Officer and Head of Derivatives and Liquid Markets, MetLifeAgha Mirza, Managing Director, Global Head of Interest Rate Products,CME Group Inc.Edward Ocampo, Senior Advisor – Markets, Bank of England

11:00 AM

Networking Morning Break

11:30 AM

How Do We Complete the Cross-border Puzzle?
There has been progress in reaching cross-border equivalence and substituted compliance determinations – most recently, with trading venues in the EU and US – but much more remains to be done. With the final Basel capital measures set to be transposed into local regulations, the issue is likely to come to the fore once again. How can regulators and the industry solve the cross-border puzzle once and for all?Moderator: Scott O’Malia, Chief Executive Officer, ISDA Michael Davie, Global Head of Rates, LCHMichael Gill, Chief of Staff, Commissioner Giancarlo at U.S. Commodity Futures Trading CommissionKazunari Mochizuki, Director for International Financial Markets (Settlements), Japan Financial Services Agency Dr. Kay Swinburne MEP, Vice Chair of the Economics and Monetary Affairs Committee, European ParliamentPetr Wagner, Finance Counselor, Delegation of the European Union to the United StatesClare Woodman, Global Chief Operating Officer for Institutional Securities,
Morgan Stanley

12:30 PM

Luncheon

1:45 PM

The 21st Century Market Makers
The derivatives market is facing a number of changes. On the one hand, capital requirements are higher, and firms are operating under a demanding regulatory environment. On the other, there have been rapid advances in technology. What does this all mean for the 21st century derivatives business? Will technology herald the start of a new era, new entrants and greater participation? Or will the industry become ever more reliant on a handful of big market-makers? How are derivatives firms positioning themselves for the future?Moderator: Mark Gheerbrant, Head of Risk and Capital, ISDA Biswarup Chatterjee, ISDA Board Member, Global Head Electronic Trading & New Business Development, Credit Markets, Citigroup Global MarketsJohn Dabbs, ISDA Board Member, Global Head of Prime Derivatives Services, Credit SuisseBill De Leon, ISDA Board Member, Managing Director, Global Head of Portfolio Risk Management, PIMCOElisabeth Kirby, Managing Director, US Markets Strategy,Tradeweb Markets LLCAmir Zaidi, Director, Division of Market Oversight, U.S. Commodity Futures Trading Commission

2:45 PM

The Future of the Non-Cleared Derivatives Market
Nowhere is the commitment to derivatives regulatory reform more telling than in the shift to central clearing. In 2017, for example, nearly 90% of new rates transactions in the US were cleared. But the success of this reform initiative is raising important questions about the future of derivatives and in particular about the future viability of non-cleared derivatives. The fundamental question is: will there – and should there – continue to be a market for non-cleared derivatives? If so, why? Are the margin requirements for non-cleared transactions appropriately calibrated or economically punitive? What was the original basis for determining those requirements and does it continue to make sense today? Are alternative approaches available that address systemic risk issues while providing a more rational economic approach to margining?Moderator: Steven Kennedy, Global Head of Public Policy, ISDAMartin Baxter, Consultant, ISDADarcy Bradbury, ISDA Board Member, Managing Director, D. E. Shaw & Co., L.P.Rama Cont, Chair of Mathematical Finance, Imperial College LondonEric Litvack, ISDA Chairman, Managing Director, Head of Regulatory Strategy, Société Générale Global Banking and Investor Solutions Bruce Tuckman, Chief Economist, U.S. Commodity Futures Trading Commission

3:45 PM

Networking Afternoon Break

4:15 PM

Legal Issues – The Next Four Years – Writing the Waves of Change
The next four years will be transformative from a documentation and legal infrastructure perspective. A series of significant events and changes in market structure are already underway and will accelerate, as we will discuss under the following key areas.

2018 onwards: Smart Contracts – how to adapt the current legal infrastructure to support the technology?

2019: March of 2019 will bring the withdrawal of the UK from the EU – how will this impact relationships with EU and UK entities? Will there be any impact to the use of English law and jurisdiction clauses?

2020: Initial Margin “Big Bang” – Large numbers of counterparties will need to start exchanging IM. What needs to happen in preparation?

Developing and Trading in Local Capital Markets – The Role of International Financial Institutions and the Private Sector
This session provides an oversight of local capital market development work undertaken in Latin America and other regions from the perspective of two international financial institutions, a commercial bank as well as a development company.Moderator: Axel van Nederveen, ISDA Board Member, Managing Director, Treasurer, European Bank for Reconstruction and Development (EBRD) Philip Buyskes, Chief Executive Officer, Frontclear Management B.V.Romina López, Managing Director, Relationship Management LatAm, Global Capital Markets, ScotiabankAlejandro Reveiz, Head of Middle Office and Banking,Inter-American Development BankHiro Tsubota, Lead Financial Officer, World Bank

12:30 PM

Board of Directors Election/Financial Report

12:45 PM

Luncheon

AFTERNOON SPECIALIST SESSIONSThese sessions will feature a choice of two in-depth discussions on the following specialist topics:

2:00 PM

A. Change Afoot: How will Clearing look in five years’ time?Over the next years we will see the biggest changes to clearing since Dodd Frank Act and EMIR came in. Whilst these changes are currently focused on European policymaking, in today’s global markets CCPs will be affected across the globe.Other than the review of EMIR regulation, the two most significant changes affecting clearing will be the culmination of international guidance on CCP Resilience, Recovery and Resolution in actual policymaking, and the impact of Brexit on the CCP landscape. Our panelists will discuss the European draft regulations on CCP supervision and on CCP Recovery & resolution, especially whether these proposals will provide for globally consistent rules that support efficient and safe global markets.Moderator: Ulrich Karl, Head of Clearing Services, ISDAGrant Lovett, Head of Sales & Rates Product, ASX Derivative & OTC MarketsMariam Rafi, Managing Director, Americas Head of OTC Clearing, CitiMarnie Rosenberg, Global Head of Clearinghouse Risk and Strategy, JPMorganManmohan Singh, Senior Economist, IMFBill Stenning, Managing Director – Clearing, Regulatory & Strategic Affairs, Société Générale

B. Data and DerivativesA panel of experts will discuss data standardization, one of the cornerstones of an efficient market infrastructure, and provide their views on the following topics:

International data standardization efforts and the increasing role of regulators in data standardization

Reflecting on 5 years of regulatory reporting

Product identifiers for derivatives: what is next?

Data standards and data quality: where are the issues what are the solutions?

A. What’s next for Bank Capital?
The Basel Committee have finalized the capital rules with the exception of the market risk framework. National regulators are starting to transpose the framework into local rules and consistency in the implementation is one of the key challenges along with the implementation timelines.

What do the new Basel rules mean for the banks?

What issues are likely to come to the fore as part of the implementation process?

B. Legal and Documentation Update
A number of important documentation and law reform changes will be going into effect in 2018. This panel will provide an overview of key areas of change for market participants to be aware of. Topics to be covered will include the following:

The impact of global bank resolution regulations on derivatives and ISDA Protocol developments

ISDA’s new model language and guidance on exclusive and non-exclusive jurisdiction clauses

B. Beyond Data: The ISDA Common Domain ModelAs financial markets explore the potential of new and emerging technologies there is an opportunity to rebuild from the ground up. ISDA’s CDM extends our established product data and definitions by integrating core events and processes to deliver a standard that facilitates this transformation. This panel will discuss the effect that such a standard can have on shaping the future of derivatives markets transaction and collateral processing.Moderator: Clive Ansell, Head of Market Infrastructure and Technology, ISDADhiraj Bawadhankar, Executive Director, Clearing Solutions, CME Group Inc.Sunil Challa, Director, Business Architecture, BarclaysTara McCloskey, VP Operations, Met LifeTodd McDonald, Co-Founder and Head of Partnerships, R3Havell Rodrigues, CEO and Co-Founder, Adjoint Inc.Gregory Schvey, Chief Executive Officer, AxoniValentino Wotton, Managing Director, Deriv/SERV Strategy and Product Development, The Depository Trust & Clearing Corporation (DTCC)